The company, which first found itself at the center of IPO rumblings last spring, is credited with disrupting the mattress industry. Its bed-in-a-box model has set off an explosion of competitor brands such as Leesa, Walmart’s Allswell and Honest Elements, to name a few.

However, despite $358 million in 2018 sales and a $1.1 billion valuation in 2019, the SEC filing shows that Casper lost $72 million in 2017 and $92 million in 2018, and expects to lose more money in the future. Still, the company says it had an annual growth rate of 45.5% from 2016 to 2018, and has served more than 1.4 million customers with a repeat customer rate of 20%.

With ecommerce operations in seven countries, Casper said it plans to expand that to more than 20.

In its most recent round of funding last March, Casper brought in $100 million from investors that included Target, Canada Goose CEO Dani Reiss, and Crate and Barrel founder Gordon Segal. The money was said to be going toward opening more brick-and-mortar mattress stores, the number of which has since grown to 60.

Calling itself a pioneer of the “sleep economy,” which it values at $432 billion globally, Casper said in its filing that its products seek to “address real life sleep challenges by optimizing for a variety of factors that impact sleep.” The prospectus lays out a vision for the sleep industry as a pillar of wellness, with Casper at the forefront with products that now go far beyond mattresses. The DTC brand also sells glow lights, bedding, including a new weighted blanket, and bed frames.

Casper chose Morgan Stanley, Goldman Sachs and Jefferies as the lead underwriters, with BofA Securities, UBS Securities, Citigroup Global Markets, Piper Sandler & Co. and Guggenheim Securities also participating in the sale.